you start thinking back five years with all the rare earth and industrial metals that china was amessing and then even back then we started to see it might be a bad idea, so they found an alternative use for those stock piles to use them as collateral for loans. >> exactly. >> what i think it does is it's giving us a glimpse. if some of these structured financing deals are starting to put pressure that's showing up in other areas, we need to pay attention to that canary in the coal mine, so to speak. today there was some talk, there was another bond default in china. i cannot confirm it. the point of that is that this is how closely things are being watched, and if you want to know what the catalyst for the next wave of selling will be, i can't imagine it isn't going to be something out of china. >> you know, squarely in your wheelhouse. are you surprised we're seeing yields move lower. at a time when we're seeing soft commodities with pops lately? >> i'm not surprised simply because the news out of emerging markets, particularly china, as rick mentioned, has been pretty soft, and you ha